Bahrain-based cryptocurrency exchange Rain Financial has raised $110 million in a Series B funding round co-led by Paradigm and Kleiner Perkins, according to a press release shared with CoinDesk. The company will use the capital to pursue licensing in additional countries, enhance its technology platform and expand the team.
“We believe Rain is a crucial piece of the puzzle for bringing the Middle East deeper into the new crypto economy. Their emphasis on supporting and educating those new to crypto alongside strong banking and regulatory relationships has helped them build a service people trust. This is just the beginning for Rain, and we're honored to support their growth,” said Paradigm investment partner Casey Caruso in an email to CoinDesk.
Other participants in the round included Coinbase Ventures, Global Founders Capital, MEVP, Cadenza Ventures, JIMCO and CMT Digital.
The new round comes a year after Rain raised $6 million in a Series A funding round led by MEVP with participation from Coinbase Ventures.
Founded in 2017, Rain became the first licensed crypto-asset service provider in the Middle East two years later. The company now has subsidiaries in Bahrain, Turkey and the United Arab Emirates.
Rain says it has hosted over $1.9 billion worth of transactions and amassed over 185,000 active users since its founding.
"Rain provides fundamental access and an on-ramp to a new paradigm of the Internet. We're excited to partner with Rain as they grow and expand to serve people in more locations around the world, including Pakistan,” said Kleiner Perkins partner Mamoon Hamid in the press release.
Bahrain has worked to strengthen its crypto industry over the past year. In January 2021, the country’s central bank approved the launch of crypto exchange CoinMENA, which complies with Islamic law, or shariah.